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Children savings accounts for non UK resident child
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mmyofb
Posts: 2 Newbie
I live in England, but have a God Child aged 2 who was born and lives in South Africa. I would like to set up some sort of savings account / trust fund for her in the UK as I am not sure about investing for her in South Africa. I am looking to put away about £20 per month. The aim would then be to allow her access to the money when she turns 18 to use for Uni or similar. I have contacted a number of UK banks but to open an account here I am told she has to be resident in the UK.
Is there any way I can open an account or trust fund for her either in the UK or off shore? I would appreciate any help anyone could give me. I have considered opening an account in my name for her but that is not really the way I would like to do it.
Is there any way I can open an account or trust fund for her either in the UK or off shore? I would appreciate any help anyone could give me. I have considered opening an account in my name for her but that is not really the way I would like to do it.
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Comments
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Why not have an account onshore in South Africa?0
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I am just not comfortable with having a long term investment is SA (although at the moment you could say the banking prospects in the UK are not good). In the long term I just feel the £, Euro or US$ will be more stable than the Rand.0
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